Circular CSSF 19/718 is a CSSF circular, published 30 April 2019. Subject: Adoption of the Guidelines on complaints-handling for the securities (ESMA) and banking (EBA) sectors of 4 October 2018 (JC 2018 35).
\nRelevant for: AIFMs, AISPs, Consumer protection, Credit institutions, E-money institutions, Investment firms, Investment fund managers, Investment funds and vehicles, Management companies - Chapter 15, Management companies - Chapter 16, Other specific authorisations, registrations and information, Part II UCIs, Payment institutions, Payment institutions/electronic money institutions/AISPs, Pension funds, Securitisation undertakings, SICARs, SIFs, Specialised PFS, Support PFS, UCITS.
\nKeywords: Complaint, Investor protection.
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nLuxembourg, 30 April 2019
\nTo all the professionals subject to the prudential supervision of the CSSF and all the entities subject to the public oversight of the audit profession by the CSSF
\nCIRCULAR CSSF 19/718 Re: Adoption of the Guidelines on complaints-handling for the securities (ESMA) and banking (EBA) sectors of 4 October 2018 (JC 2018 35)
\nLadies and Gentlemen, The purpose of this circular is to draw your attention to the Guidelines on complaints-handling for the securities (ESMA) and banking (EBA) sectors (the “Guidelines”) with which the CSSF intends to comply. The Guidelines seek to: a. clarify expectations relating to the professionals’ organisation relating to complaintshandling; b. provide guidance on the provision of information to complainants; c. provide guidance on procedures for responding to complaints; d. harmonise the arrangements of professionals for the handling of all complaints they receive; and e. ensure that the professionals’ arrangements for complaints-handling are subject to a minimum level of supervisory convergence across the European Union. The Guidelines supplement the Joint Committee Guidelines for complaints-handling for the securities (ESMA) and banking (EBA) sectors of 27 May 2014 (JC 2014 43, the “Guidelines of 27 May 2014”) that the CSSF implements through Regulation CSSF N° 16-07 relating to out-of-court complaint resolution.
\nThe content of the Guidelines does not differ from that of the Guidelines of 27 May 2014 (cf. points 1 to 7 of the Guidelines), but the scope of application has been extended to the following professionals: -
\nmortgage credit intermediaries and non-credit institutions as defined in Article 4(5) and Article 4(10), respectively, of Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property; and new payment institutions that only provide payment initiation services or account information services within the meaning of Article 33 of Directive 2015/2366 on payment services.
\nThe Guidelines apply as from 1 May 2019 with respect to supervision of complaints-handling by the professionals mentioned in both indents above. The Guidelines are annexed to this circular. They are also available on the EBA’s website at: https://eba.europa.eu/documents/10180/2381463/Joint+Committee+Guidelines+on+complain ts-handling+%28JC+2018+35%29_EN.pdf/cd6e3328-7442-4582-8b68-819346d200ec Yours faithfully,
\nAnnex: Guidelines on complaints-handling for the securities (ESMA) and banking (EBA) sectors
\n04/10/2018 JC 2018 35
\nGuidelines on complaints-handling for the securities and banking sectors Guidelines on complaints-handling for the securities (ESMA) and banking (EBA) sectors Purpose 1. In order to ensure the adequate protection of consumers, these guidelines seek to: a.
\nclarify expectations relating to firms’ organisation relating to complaints-handling;
\nprovide guidance on the provision of information to complainants;
\nprovide guidance on procedures for responding to complaints;
\nharmonise the arrangements of firms for the handling of all complaints they receive; and
\nensure that firms’ arrangements for complaints-handling are subject to a minimum level of supervisory convergence across the EU.
\nScope 2. These guidelines apply to authorities competent for supervising complaints-handling by firms in their jurisdiction. This includes circumstances where the competent authority supervises complaints-handling under EU and national law by firms doing business in their jurisdiction under freedom of services or freedom of establishment. 3.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
"}